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 <![CDATA[<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=gif:: ::/sites/dl/free/0072345772/33367/guell_mcquiz_1_1.gif','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (2.0K)</a>]]>
Suppose the table above represents points on a Production Possibilities Frontier, the point where the production of Good 1 is 5 and the production of Good 2 is 20 is |
| | A) | attainable. |
| | B) | unattainable. |
| | C) | one where there is unemployment. |
| | D) | indicative of increasing opportunity cost. |
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Suppose the table above represents points on a Production Possibilities Frontier, the point where the production of Good 1 is 5 and the production of Good 2 is 10 is |
| | A) | attainable. |
| | B) | unattainable. |
| | C) | one where there is unemployment. |
| | D) | indicative of increasing opportunity cost. |
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Suppose the table above represents points on a Production Possibilities Frontier, the point where the production of Good 1 is 5 and the production of Good 2 is 5 is |
| | A) | attainable. |
| | B) | unattainable. |
| | C) | one where there is unemployment. |
| | D) | both a and c |
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Suppose the table above represents points on a Production Possibilities Frontier, the opportunity cost of going from 2 units of Good 1 to 3 units of Good 1 is |
| | A) | 2 units of good 2 |
| | B) | 4 units of good 2 |
| | C) | 1 unit of good 1 |
| | D) | 2 units of good 1 |
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Suppose the table above represents points on a Production Possibilities Frontier. Which of the following is true? |
| | A) | The opportunity cost is increasing. |
| | B) | The opportunity cost is constant. |
| | C) | There is no scarcity. |
| | D) | There are no tradeoffs. |
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 <![CDATA[<a onClick="window.open('/olcweb/cgi/pluginpop.cgi?it=gif:: ::/sites/dl/free/0072345772/33367/guell_mcquiz_1_2.gif','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><img valign="absmiddle" height="16" width="16" border="0" src="/olcweb/styles/shared/linkicons/image.gif"> (2.0K)</a>]]> Suppose the table above represents points on a Production Possibilities Frontier, the point where the production of Good 1 is 5 and the production of Good 2 is 100 is |
| | A) | attainable. |
| | B) | unattainable. |
| | C) | one where there is unemployment. |
| | D) | indicative of increasing opportunity cost. |
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Suppose the table above represents points on a Production Possibilities Frontier, the point where the production of Good 1 is 5 and the production of Good 2 is 50 is |
| | A) | attainable. |
| | B) | unattainable. |
| | C) | one where there is unemployment. |
| | D) | indicative of increasing opportunity cost. |
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Suppose the table above represents points on a Production Possibilities Frontier, the point where the production of Good 1 is 5 and the production of Good 2 is 20 is |
| | A) | attainable. |
| | B) | unattainable. |
| | C) | one where there is unemployment. |
| | D) | both a and c |
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Suppose the table above represents points on a Production Possibilities Frontier, the opportunity cost of going from 2 units of Good 1 to 3 units of Good 1 is |
| | A) | 2 units of good 2 |
| | B) | 6 units of good 2 |
| | C) | 1 unit of good 1 |
| | D) | 2 units of good 1 |
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10 | |
Suppose the table above represents points on a Production Possibilities Frontier. Which of the following is true? |
| | A) | The opportunity cost is increasing. |
| | B) | The opportunity cost is constant. |
| | C) | There is no scarcity. |
| | D) | There are no tradeoffs. |
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To build a model of the economy which of the following tend to be useful |
| | A) | fallacies of composition |
| | B) | assertions that correlation and causation are the same |
| | C) | simplifying assumptions |
| | D) | trivializing generality |
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You know that if you get a 4.0 GPA at graduation that is better for you than if you get a 2.5 GPA. Because of the __________ you know that it is not necessarily in everyone’s combined interest for everyone to get a 4.0 (if this made a college degree worthless to employers.) |
| | A) | fallacy of composition |
| | B) | fallacy that correlation and causation are the same |
| | C) | fallacy of the hypothetical |
| | D) | fallacy of the round |
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When the production possibilities frontier models societal production but with only two goods, this is an example of |
| | A) | simplifying assumption. |
| | B) | the fallacy of composition. |
| | C) | the fallacy that correlation and causation are the same. |
| | D) | the fallacy of the round. |
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14 | |
When people are influenced by a tax or regulation to do something they might not otherwise do then economists call this |
| | A) | an incentive. |
| | B) | an arbitrary observation. |
| | C) | an unintended consequence. |
| | D) | a lost opportunity. |
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15 | |
The fact that production cannot exceed what is possible given available resources indicates that there is |
| | A) | scarcity. |
| | B) | the fallacy of composition at play. |
| | C) | the fallacy that correlation and causation are the same at play. |
| | D) | the fallacy of the round at play. |
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